The Firm represented Wells Fargo Securities, LLC, Barclays Capital Inc. and Guggenheim Securities, LLC as underwriters in an SEC-registered offering of approximately 54 million shares of common stock of Hawaiian Electric Industries, Inc. (“HEI”), for gross proceeds of approximately $500 million. The underwriters have been granted an option to purchase up to an additional 8.1 million shares. HEI intends to use the net proceeds from the offering to fund its contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes.
The HEI family of companies provides the energy and financial services that empower much of the economic and community activity of Hawaii. HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy, and modernize and harden the grid to ensure resilience and public safety. Its banking subsidiary, ASB, is one of Hawaii’s largest financial institutions, providing a wide array of banking and other financial services and working to advance economic growth, affordability and financial fitness. HEI also helps advance Hawaii’s sustainability goals through investments by its non-regulated subsidiary, Pacific Current.
The Simpson Thacher team included Brian E. Rosenzweig, Maggie Selbe, Suzannah Ranzo and Emily Martin (Capital Markets); Jonathan Cantor, Kris Liu and Jiha Min (Tax); Pasco Struhs and Hannah Daniels (Executive Compensation and Employee Benefits); Margerite Blase (Intellectual Property); and Jennie Getsin (FINRA).